If it’s time for you to renew or buy home insurance, here are the main ways you can save money on your insurance premiums:
First and foremost it really does pay to shop around and get a number of quotes. When comparing quotes, be sure you are making a fair comparison of coverage, amount of deductibles, limitations and exclusions that may apply.
To help you compare, keep in mind that there are four main types of home insurance policies:
Home insurance policies usually have a $500 deductible, which is the amount you have to pay for a claim before your coverage kicks in. But if you are comfortable with increasing your deductible from $500 to $1,000, then you will likely be quoted lower rates.
By installing a fire extinguisher, a monitored burglar alarm system or deadbolt locks, you may qualify for lower premiums. So be sure to ask your insurance professional about adding these safety measures to your home.
Consider buying your homeowners and car insurance policies from the same company. Most insurance companies offer home and auto bundle discounts to customers who take multiple policies with them.
Ask if you qualify for other savings, such as:
Don’t switch insurance companies midway through the policy term. Wait until renewal time to avoid a possible cancellation penalty.
Your coverage should accurately reflect your home’s current value and condition, including major improvements or significant purchases. You may have items that appreciate in value, such as artwork or jewellery, which usually require additional coverage. Likewise, items that depreciate in value, such as computers or expensive sporting equipment, may no longer require extra insurance.
More consumer information on insurance is available online at fsco.gov.on.ca. The Financial Services Commission of Ontario (FSCO) is the agency responsible for regulating insurance in the province.
We do the comparison-shopping for you because we represent over 25 of the best insurance companies in Canada. Our insurance experts will find the home insurance you want at the lowest rates possible. For a no-obligation quote, call Mitchell & Whale at 1-800-731-2228 or email us at email@example.com.